S&P Global Ratings lowered its long-term rating to 'BBB+' from 'A-' on El Cerrito Public Financing Authority, Calif.'s sales tax revenue bonds, issued on behalf of the City of El Cerrito. The outlook is stable. The downgrade reflects our view of the obligor's creditworthiness (OC) weakening. The bonds are secured by a first lien on the voter-approved Measure A half-cent sales and use tax dedicated for local street improvement and maintenance. Proceeds funded transportation improvements in the city. The city benefits from a strong and stable local economy, as evidenced by continued assessed value growth, and its location within the San Francisco-Oakland-Hayward, Calif., metropolitan statistical area (MSA). However, the city's general fund has experienced financial challenges during recent years resulting
